Tyler Technologies (TYL) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Tyler Technologies (NYSE:TYL) from a sell rating to a hold rating in a report published on Friday morning.

According to Zacks, “Tyler Technologies, Inc. is engaged in providing integrated information management solutions and services to the public sector. It provides software products and services; professional IT services; subscription-based services; property appraisal outsourcing services. Its products generally automate three major functional areas (1) financial management and education, (2) courts and justice and (3) property appraisal and tax. Tyler operates in two reportable segments: Enterprise Software Solutions (ESS) and Appraisal and Tax Software Solutions and Services. The Enterprise Software Solutions (ESS) segment provides software systems to municipal and county governments and schools. The Appraisal and Tax Software Solutions and Services segment provides systems and software that automate the appraisal and assessment of real and personal property as well as property appraisal outsourcing services for local governments and taxing authorities. Tyler Technologies, Inc. is headquartered in Dallas, Texas. “

Several other research firms have also issued reports on TYL. KeyCorp reaffirmed a hold rating on shares of Tyler Technologies in a research report on Friday, November 2nd. Robert W. Baird dropped their price objective on shares of Tyler Technologies from $260.00 to $250.00 and set an outperform rating on the stock in a research report on Friday, November 2nd. TheStreet lowered shares of Tyler Technologies from a b rating to a c+ rating in a research report on Thursday, November 1st. Finally, JMP Securities dropped their price objective on shares of Tyler Technologies from $250.00 to $245.00 and set a market outperform rating on the stock in a research report on Thursday, November 1st. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $233.36.

NYSE TYL traded down $3.23 on Friday, hitting $182.28. 287,446 shares of the stock were exchanged, compared to its average volume of 265,319. Tyler Technologies has a 52 week low of $176.36 and a 52 week high of $252.47. The firm has a market capitalization of $7.20 billion, a P/E ratio of 57.32, a price-to-earnings-growth ratio of 4.92 and a beta of 0.88.

Tyler Technologies (NYSE:TYL) last posted its quarterly earnings results on Wednesday, October 31st. The technology company reported $1.23 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.23. Tyler Technologies had a net margin of 19.47% and a return on equity of 11.19%. The firm had revenue of $236.10 million for the quarter, compared to analyst estimates of $240.98 million. During the same period in the prior year, the firm posted $1.05 earnings per share. The company’s quarterly revenue was up 10.0% compared to the same quarter last year. As a group, sell-side analysts expect that Tyler Technologies will post 3.77 EPS for the current fiscal year.

In other news, Director Luther King, Jr. sold 275 shares of the stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $193.29, for a total value of $53,154.75. Following the transaction, the director now directly owns 72,864 shares of the company’s stock, valued at $14,083,882.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brenda A. Cline sold 4,000 shares of the stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $250.39, for a total transaction of $1,001,560.00. Following the completion of the transaction, the director now directly owns 5,000 shares in the company, valued at $1,251,950. The disclosure for this sale can be found here. Insiders sold 29,927 shares of company stock worth $6,278,880 over the last three months. Insiders own 4.70% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in TYL. Morgan Stanley grew its stake in shares of Tyler Technologies by 949.5% in the second quarter. Morgan Stanley now owns 940,517 shares of the technology company’s stock valued at $208,889,000 after acquiring an additional 850,905 shares in the last quarter. BlackRock Inc. grew its stake in shares of Tyler Technologies by 6.8% in the third quarter. BlackRock Inc. now owns 3,412,924 shares of the technology company’s stock valued at $836,373,000 after acquiring an additional 217,184 shares in the last quarter. Creative Planning grew its stake in shares of Tyler Technologies by 4,621.9% in the third quarter. Creative Planning now owns 143,923 shares of the technology company’s stock valued at $35,270,000 after acquiring an additional 140,875 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Tyler Technologies by 2,630.4% in the second quarter. First Trust Advisors LP now owns 132,125 shares of the technology company’s stock valued at $29,345,000 after acquiring an additional 127,286 shares in the last quarter. Finally, Riverbridge Partners LLC grew its stake in shares of Tyler Technologies by 46.6% in the third quarter. Riverbridge Partners LLC now owns 346,911 shares of the technology company’s stock valued at $85,014,000 after acquiring an additional 110,306 shares in the last quarter. Institutional investors and hedge funds own 91.18% of the company’s stock.

About Tyler Technologies

Tyler Technologies, Inc provides integrated information management solutions and services for the public sector in the United States and internationally. It operates through two segments, Enterprise Software, and Appraisal and Tax. The company's financial management solutions include modular fund accounting systems for government agencies or not-for-profit entities; and utility billing systems for the billing and collection of metered and non-metered services.

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